More home loan options and opportunities are available for new homeowners than ever before. These loans range from zero down payment options to flexible qualifying programs that allow less-than-perfect credit, even programs that accommodate recent grads without an extensive job history. The truth is, a wide variety of mortgage options and programs are available specifically for first-time homebuyers.

The term “refinance” refers to the process of securing a new loan to pay off an existing lender. You may be considering a refinance to change your current loan program or enhance your financial position. Just as with a home purchase, you and your home must both qualify for the new loan, and your ability to refinance may depend on the amount of equity in your home.